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2014 COLAs Issued

On October 31, 2013, the IRS issued News Release IR 2013-86 to announce the 2014 cost-of-living adjustments (COLAs) applicable to dollar limitations for employer-sponsored retirement plans including individual retirement arrangements (IRAs). While all of the contribution limits remained unchanged, the annual additions (IRC Sec. 415 limit) and compensation cap as well the income limits associated with Traditional IRA deductibility, Roth IRA eligibility and the tax savers credit have all increased. For details, click here.